DJIA, Nasdaq, S&P Down as Investors Flee Growth Plays

Jacob Harper |

The small-cap tracking Russell 2000 experienced a major drop on Monday and the broader markets followed, as it appeared investors were reacting to last week’s record-setting performance with a skeptical eye.

The iShares Russell 2000 Index Fund (IWM) dropped 1.55 percent on the day, as investors bearish on the market’s ability to sustain momentum pulled their money out of smaller growth plays. It was hardly a case of a clear delineation between growth versus blue chip, however, with several large caps ending the day on a downward trend as well.

International Business Machines (IBM) ended the day nearly 2 percent lower, leading the Dow’s loss column. In all, only six of the DJIA’s 30 components ended the day in the black, notably telecom plays Verizon (VZ) and AT&T (T) .

On the Nasdaq, sector darling Micron Technologies (MU) shed 2.59 percent, followed by Electronic Arts (EA) and TripAdvisor (TRIP) . The S&P’s biggest loser on the day was apparel manufacturer Fossil ($FOSL), who dropped a whopping 10.27 percent on a particularly bad earnings outlook.   



Results for May 14, 2014

  • Standard & Poor’s 500: -.45 percent to 1,889 points
  • Dow Jones Industrial Average: -.61 percent to 16,641 points
  • NASDAQ Exchange:  -.71 percent to 4,101 points

Our Top Stories

Stocks

  • Former high-flying daily seal site LiveDeal (LIVE) shed even more value, giving credence to assumptions that the tech play’s major gains in the first quarter are highly suspect.
  • New contributor Gregory Bergman looks at the death of healthcare stock Telik (TELK) and its last gasp before being shuttled.

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure, please go to: http://www.equities.com/disclaimer

Companies

Symbol Name Price Change % Volume
FOSL Fossil Group Inc. 9.89 -0.04 -0.40 1,795,849 Trade
IBM International Business Machines Corp 154.75 -0.48 -0.31 2,386,491 Trade
EA Electronic Arts Inc. 108.32 -3.54 -3.16 3,058,125 Trade
TRIP TripAdvisor Inc. 36.49 -0.18 -0.49 1,425,486 Trade
VZ Verizon Communications Inc. 44.84 -0.91 -1.99 20,187,152 Trade
MU Micron Technology Inc. 31.66 -0.84 -2.58 33,239,749 Trade
T AT&T Inc. 37.70 -0.45 -1.18 19,862,198 Trade
GROT Grote Molen Inc. n/a n/a n/a n/a

Comments

Emerging Growth

Digital Power Corporation

Digital Power Corp is engaged in the design, manufacture and sale of switching power supplies and converters. The Company has two reportable geographic segments - North America and Europe.

Private Markets

Initial State

Initial State is an Internet of Things (IoT) data analytics & data management platform company. We turn sensor and event data into information that matters by making it easy to…

California Green Tree Development

California Green Tree Development LLC (CGTD) is a for-profit LLC that plans on using California’s booming market of legal cannabis products for medical purposes. As an unprecedented resource, Cannabis has…